ISTANBUL  The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.

"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.

A reserve currency is supposed to be stable and backed by a country that can be relied upon to fulfill its obligations. Would you trust any other country that is running up debt like the U.S. is today? Would you put your faith in a country lead by the likes of BHO?

Sorry (really, and truly sorry), but the U.S. is doing this to itself.

Out of all the industries, I would say that the financials are the only ones that come close to lawyers, double-speak wise.

I read alot of financial blogs, and practically every day you hear stuff like “The increase in demand was reduced on Tuesday...” and then you sit there scratching your head thinking WTF did they really say??????

13
posted on 10/06/2009 10:46:42 AM PDT
by djf
(Some people are proud. Some people are curious. I'm proud that I'm curious!!)

>> “Important progress in managing imbalances can be made by reducing the reserve currency country?s ‘privilege’ to run external deficits in order to provide international liquidity,” UN undersecretary-general for economic and social affairs, Sha Zukang, said.

You don’t think the CHINESE undersecretary-general might have a hidden agenda there... do you?

Nah. They’re UN diplomats; their track record of integrity is unassailable. How could I even think that.

I second that motion. De-fund their sorry tails. Time to create a league of democracies or just work with individual allies and be done with the dictators’ debating society and money pit. Why pay for a bunch of tin horns and parasites to conspire to bleed off the fruit of our toil and enterprise?

Also, we need to DRILL BABY DRILL and move to become at least energy neutral (create as much as we use - buying and selling OK).

Any and all members of the UN can freely start using the Chicoms Yuan. I do believe if they choose to use it they may be a bit nervous regardling the absolute opacity that is the Chicom banking system. Just sayin. I really don’t want foriegners using dollars if they prefer to use euros, yuans, marks, francs, etc. Pick you poision folks, just don’t complain when you’ve been biten.

If the U.S. loses reserve currency status — that needs to be pinned to BHO. IMHO, this should become a major theme — so that Americans become aware of what they (may be) are about to lose & why it matters so much. There should be no room left for Obama to wiggle out from under this impending disaster.

Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.